Business

In a first, one tola gold price surpasses Rs150,000 mark in Pakistan

Published

2 years ago

Farwa

Price of gold soars Rs2,500 per tola.
Yellow metal settles at an all-time high of Rs152,000 per tola.
Silver prices in domestic market remain unchanged.

KARACHI: Gold price hit an all-time high, surpassing Rs150,000 per tola (11.66 grams) in Pakistan on Wednesday mainly due to a speculative increase in demand and partly due to the depreciating local currency.

The price of gold, considered a safe haven, soared Rs2,500 per tola and Rs2,143 per 10 grams to an all-time high of Rs152,000 and Rs130,315 in the local market, the All Sindh Saraf and Jewellers Association (ASSJA) reported.

With the latest increase of Rs2,500 per tola today, the gold price has surged by a total of Rs7,000 in the last six sessions.

Gold is likely to maintain the uptrend until economic clarity is seen. Analysts are of the view that the worldwide economic slowdown and recession in some economies may spark a new wave of inflation and currency depreciation around the world.

Keeping these trends in view, investors may continue to take fresh positions in gold.

The association, however, stated that although gold hit an all-time high in Pakistan, its price still stood below cost. Gold is cheaper by Rs3,500 per tola compared to its price in Dubai.

The latest price for local markets was determined to keep in view the prices at which trades took place among buyers and sellers.

The bullion price is going up for the last many days. Besides, the international currency; the US dollar is strengthening globally. And the local currency (versus the US dollar) has continued to depreciate.

In the international market, bullion prices decreased by $3 per ounce to settle at $1,721 — staying above the key level of $1,700.

Meanwhile, silver prices in the domestic market remained unchanged at Rs1,600 per tola and Rs1,371.74 per 10 grams today.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

13 hours ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.

Business

Fly Jinnah opens a new route internationally.

Published

13 hours ago

Farwa

Two weekly flights will be the starting frequency of the new route, which will connect the two cities.

According to a representative for Fly Jinnah, the company is pleased to announce the opening of a third international route from Islamabad to Muscat, the capital city of Oman, marking another significant milestone after the successful debut of flights from Islamabad and Lahore to Sharjah.

According to him, this development is in line with our goal of giving our clients more options for reasonably priced, value-driven local and international air travel.

The airline serves five main cities in Pakistan: Karachi, Lahore, Islamabad, Peshawar, and Quetta. Its fleet consists of five Airbus A320 aircraft, all of which are contemporary.

In addition to the current flight path to Sharjah, United Arab Emirates, this new route expands Fly Jinnah’s network of foreign destinations.

Business

Tajir Dost app: traders don’t seem interested in registering

Published

13 hours ago

Farwa

To tax retailers in Pakistan, the Tajir Dost app was released. The sources stated that the government hopes to tax 3.5 million merchants through the app.

Ajmal Baloch, the president of All-Pakistan Anjuman-e-Tajran, stated that he made reservations with FBR on the SRO within a week.

The Federal Board of Revenue (FBR), according to him, cannot be a “Tajir Dost” because of its unethical actions.

Baloch believed that since electricity bills allow traders to pay a predetermined advance income tax, further taxes are unnecessary.

The trader, according to him, is already paying thirteen different kinds of taxes on the commercial meter. “A trader already pays between Rs. 15,000 and Rs. 20,000 in taxes annually, but you are requesting Rs. 1,200 per month in taxes.”

Mr. Ajmal summoned representatives of the Federal Board of Revenue (FBR) to a meeting with the trade associations to talk about the indirect taxes that the merchants are paying.

Additionally, he claimed that FBR officers are charging the traders, the majority of whom are less educated, “monthly charges.”